NPORT-EX 2 NPORT_I3A7_14878529_0723.htm FOR VALIDATION PURPOSES ONLY - [604880.I3A7]

Transamerica Long Credit

 

SCHEDULE OF INVESTMENTS

At July 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES - 89.1%  
Aerospace & Defense - 2.4%  

Boeing Co.

      

3.83%, 03/01/2059

      $  131,000        $  93,666  

5.81%, 05/01/2050

      33,000        33,152  

HEICO Corp.
5.35%, 08/01/2033

      15,000        14,905  

Raytheon Technologies Corp.

      

4.15%, 05/15/2045

      42,000        34,788  

4.63%, 11/16/2048

      66,000        59,588  
     

 

 

  
        236,099  
     

 

 

  
Air Freight & Logistics - 0.4%  

GXO Logistics, Inc.
2.65%, 07/15/2031

      46,000        35,874  
     

 

 

  
Automobile Components - 0.6%  

Aptiv PLC/Aptiv Corp.
4.15%, 05/01/2052

      36,000        27,487  

Lear Corp.
3.55%, 01/15/2052 (A)

      43,000        29,250  
     

 

 

  
        56,737  
     

 

 

  
Automobiles - 1.1%  

Ford Motor Co.
4.75%, 01/15/2043

      64,000        50,078  

General Motors Co.
6.25%, 10/02/2043

      60,000        58,895  
     

 

 

  
        108,973  
     

 

 

  
Banks - 7.7%  

Bank of America Corp.

      

Fixed until 03/11/2031,
2.65% (B), 03/11/2032

      135,000        111,760  

Fixed until 03/20/2050,
4.08% (B), 03/20/2051

      66,000        54,921  

Fixed until 04/25/2033,
5.29% (B), 04/25/2034

      68,000        67,385  

Citigroup, Inc.
Fixed until 01/24/2038,
3.88% (B), 01/24/2039

      100,000        83,608  

Goldman Sachs Group, Inc.

      

Fixed until 02/24/2032,
3.10% (B), 02/24/2033

      68,000        57,264  

6.75%, 10/01/2037

      50,000        54,121  

JPMorgan Chase & Co.

      

Fixed until 04/22/2040,
3.11% (B), 04/22/2041

      155,000        117,329  

Fixed until 06/01/2033,
5.35% (B), 06/01/2034

      40,000        40,244  

PNC Financial Services Group, Inc.
Fixed until 01/24/2033,
5.07% (B), 01/24/2034 (A)

      20,000        19,307  

Truist Financial Corp.
Fixed until 06/08/2033,
5.87% (B), 06/08/2034

      41,000        41,326  

US Bancorp
Fixed until 06/10/2033,
5.84% (B), 06/12/2034 (A)

      28,000        28,371  

Wells Fargo & Co.
4.75%, 12/07/2046

      102,000        87,229  
     

 

 

  
        762,865  
     

 

 

  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Beverages - 2.0%  

Anheuser-Busch InBev Worldwide, Inc.
4.44%, 10/06/2048

      $   179,000        $   159,019  

Constellation Brands, Inc.
5.25%, 11/15/2048

      41,000        38,911  
     

 

 

  
        197,930  
     

 

 

  
Biotechnology - 2.6%  

AbbVie, Inc.

      

4.05%, 11/21/2039

        15,000          13,037  

4.25%, 11/21/2049

      51,000        43,661  

4.70%, 05/14/2045

      99,000        89,630  

Amgen, Inc.
5.75%, 03/02/2063

      51,000        51,132  

CSL Finance PLC
4.95%, 04/27/2062 (C)

      33,000        30,330  

Gilead Sciences, Inc.
4.15%, 03/01/2047

      31,000        26,548  
     

 

 

  
        254,338  
     

 

 

  
Broadline Retail - 1.3%  

Prosus NV
4.03%, 08/03/2050 (D)

      200,000        128,205  
     

 

 

  
Building Products - 1.7%  

Home Depot, Inc.
4.25%, 04/01/2046

      91,000        80,304  

Lowe’s Cos., Inc.

      

3.00%, 10/15/2050

      46,000        30,038  

4.25%, 04/01/2052

      43,000        34,742  

Owens Corning
4.30%, 07/15/2047

      31,000        25,338  
     

 

 

  
        170,422  
     

 

 

  
Capital Markets - 1.6%  

Blackstone Holdings Finance Co. LLC
3.20%, 01/30/2052 (C)

      47,000        30,273  

Charles Schwab Corp.
Fixed until 05/19/2033,
5.85% (B), 05/19/2034

      32,000        32,893  

Morgan Stanley

      

Fixed until 01/25/2051,
2.80% (B), 01/25/2052

      40,000        26,126  

Fixed until 04/22/2038,
4.46% (B), 04/22/2039

      55,000        49,469  

Fixed until 04/21/2033,
5.25% (B), 04/21/2034

      2,000        1,972  

Fixed until 07/21/2033,
5.42% (B), 07/21/2034

      8,000        7,990  

Fixed until 10/18/2032,
6.34% (B), 10/18/2033

      10,000        10,630  
     

 

 

  
        159,353  
     

 

 

  
Chemicals - 1.9%  

FMC Corp.
6.38%, 05/18/2053

      35,000        34,841  

International Flavors & Fragrances, Inc.
3.47%, 12/01/2050 (C)

      31,000        20,523  

LYB International Finance BV
4.88%, 03/15/2044

      28,000        24,230  

Nutrien Ltd.
5.00%, 04/01/2049

      73,000        64,982  

Westlake Corp.
4.38%, 11/15/2047

      59,000        45,930  
     

 

 

  
        190,506  
     

 

 

  
 

 

Transamerica Funds

     Page    1         

Transamerica Long Credit

 

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Commercial Services & Supplies - 1.6%  

General Electric Co.

      

4.13%, 10/09/2042

      $   47,000        $   38,477  

4.50%, 03/11/2044

      45,000        39,687  

Triton Container International Ltd./TAL International Container Corp.
3.25%, 03/15/2032

      47,000        36,459  

Waste Management, Inc.
2.50%, 11/15/2050

      77,000        48,497  
     

 

 

  
        163,120  
     

 

 

  
Communications Equipment - 0.3%  

Corning, Inc.
4.38%, 11/15/2057

      41,000        33,439  
     

 

 

  
Consumer Staples Distribution & Retail - 0.8%  

7-Eleven, Inc.
2.50%, 02/10/2041 (C)

      71,000        46,833  

Sysco Corp.
3.30%, 02/15/2050

      41,000        29,162  
     

 

 

  
        75,995  
     

 

 

  
Diversified REITs - 0.6%  

GLP Capital LP/GLP Financing II, Inc.
4.00%, 01/15/2030

      31,000        27,074  

VICI Properties LP
5.13%, 05/15/2032

      38,000        35,770  
     

 

 

  
        62,844  
     

 

 

  
Diversified Telecommunication Services - 3.9%  

AT&T, Inc.

      

3.50%, 09/15/2053

      107,000        72,583  

3.55%, 09/15/2055

      139,000        93,564  

Telefonica Emisiones SA
7.05%, 06/20/2036

      84,000        91,680  

Verizon Communications, Inc.

      

2.99%, 10/30/2056

      28,000        17,212  

3.70%, 03/22/2061

      164,000        115,983  
     

 

 

  
        391,022  
     

 

 

  
Electric Utilities - 11.6%  

Appalachian Power Co.
4.45%, 06/01/2045

      61,000        50,475  

Berkshire Hathaway Energy Co.
4.50%, 02/01/2045

      40,000        34,293  

Black Hills Corp.
4.20%, 09/15/2046

      91,000        70,607  

Consolidated Edison Co. of New York, Inc.
4.00%, 11/15/2057

      123,000        95,848  

Dominion Energy South Carolina, Inc.
6.05%, 01/15/2038

      54,000        56,942  

DTE Electric Co.
4.05%, 05/15/2048

      41,000        34,187  

Duke Energy Florida LLC
6.35%, 09/15/2037

      78,000        84,424  

Entergy Arkansas LLC
4.20%, 04/01/2049

      73,000        60,316  

Evergy Metro, Inc.
4.20%, 03/15/2048

      61,000        50,476  

FirstEnergy Corp.
5.10%, 07/15/2047

      95,000        85,773  

Northern States Power Co.
4.00%, 08/15/2045

      50,000        40,673  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Electric Utilities (continued)  

Pacific Gas & Electric Co.
3.50%, 08/01/2050

      $   37,000        $   23,905  

PG&E Wildfire Recovery Funding LLC
5.10%, 06/01/2054

      57,000        56,620  

Potomac Electric Power Co.
7.90%, 12/15/2038

      73,000        87,444  

Public Service Electric & Gas Co.
4.05%, 05/01/2048

      61,000        51,047  

Southern California Edison Co.
4.65%, 10/01/2043

      52,000        45,305  

Southern Co.
4.40%, 07/01/2046

      54,000        45,911  

Union Electric Co.
3.90%, 09/15/2042

      83,000        66,960  

Virginia Electric & Power Co.
8.88%, 11/15/2038

      84,000        110,553  
     

 

 

  
        1,151,759  
     

 

 

  
Electrical Equipment - 0.3%  

Emerson Electric Co.
2.75%, 10/15/2050

      46,000        30,038  
     

 

 

  
Electronic Equipment, Instruments & Components - 0.2%  

Cisco Systems, Inc.
5.90%, 02/15/2039

      21,000        23,043  
     

 

 

  
Energy Equipment & Services - 0.5%  

Halliburton Co.
5.00%, 11/15/2045

      59,000        53,928  
     

 

 

  
Financial Services - 0.3%  

Avolon Holdings Funding Ltd.
6.38%, 05/04/2028 (C)

      27,000        26,854  
     

 

 

  
Food Products - 0.9%  

Cargill, Inc.
6.63%, 09/15/2037 (C)

      84,000        92,763  
     

 

 

  
Ground Transportation - 1.4%  

Burlington Northern Santa Fe LLC
4.70%, 09/01/2045

      82,000        75,583  

Norfolk Southern Corp.
4.65%, 01/15/2046

      42,000        37,094  

Union Pacific Corp.
2.97%, 09/16/2062

      36,000        23,341  
     

 

 

  
        136,018  
     

 

 

  
Health Care Equipment & Supplies - 1.2%  

Boston Scientific Corp.
4.70%, 03/01/2049

      62,000        57,333  

Danaher Corp.
2.60%, 10/01/2050

      22,000        14,499  

Stryker Corp.
4.63%, 03/15/2046

      50,000        45,920  
     

 

 

  
        117,752  
     

 

 

  
Health Care Providers & Services - 4.7%  

Centene Corp.
3.38%, 02/15/2030

      66,000        56,765  

Cigna Group

      

3.40%, 03/15/2051

      47,000        33,761  

4.80%, 08/15/2038

      39,000        36,514  

CVS Health Corp.

      

5.30%, 12/05/2043

      78,000        73,992  

5.88%, 06/01/2053

      37,000        37,545  
 

 

Transamerica Funds

     Page    2         

Transamerica Long Credit

 

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Health Care Providers & Services (continued)  

Elevance Health, Inc.
5.13%, 02/15/2053

      $   55,000        $   52,855  

HCA, Inc.

      

5.50%, 06/15/2047

      55,000        51,276  

5.90%, 06/01/2053

      26,000        25,498  

UnitedHealth Group, Inc.

      

5.20%, 04/15/2063

      44,000        43,276  

6.05%, 02/15/2063

      51,000        57,018  
     

 

 

  
        468,500  
     

 

 

  
Hotels, Restaurants & Leisure - 1.7%  

McDonald’s Corp.
3.63%, 09/01/2049

      39,000        30,229  

Starbucks Corp.
4.50%, 11/15/2048

      41,000        36,279  

Warnermedia Holdings, Inc.
5.05%, 03/15/2042

      127,000        105,636  
     

 

 

  
        172,144  
     

 

 

  
Industrial REITs - 0.3%  

Prologis LP
4.38%, 09/15/2048

      32,000        27,081  
     

 

 

  
Insurance - 2.2%  

Alleghany Corp.

      

3.25%, 08/15/2051

      32,000        22,331  

4.90%, 09/15/2044

      33,000        30,417  

American International Group, Inc.
4.80%, 07/10/2045

      28,000        24,935  

Arch Capital Group Ltd.
3.64%, 06/30/2050

      50,000        36,540  

Berkshire Hathaway Finance Corp.
3.85%, 03/15/2052

      43,000        35,110  

Equitable Holdings, Inc.
5.00%, 04/20/2048

      39,000        33,983  

Global Atlantic Finance Co.
7.95%, 06/15/2033 (C)

      36,000        36,046  
     

 

 

  
        219,362  
     

 

 

  
Interactive Media & Services - 0.5%  

Meta Platforms, Inc.

      

4.45%, 08/15/2052

      41,000        35,791  

5.75%, 05/15/2063

      18,000        18,641  
     

 

 

  
        54,432  
     

 

 

  
Internet & Catalog Retail - 1.9%  

Alibaba Group Holding Ltd.
2.70%, 02/09/2041 (A)

      200,000        134,358  

Amazon.com, Inc.
4.05%, 08/22/2047

      58,000        51,265  
     

 

 

  
        185,623  
     

 

 

  
Media - 3.0%  

Charter Communications Operating LLC/Charter Communications Operating Capital
6.48%, 10/23/2045

      139,000        129,527  

Comcast Corp.

      

2.89%, 11/01/2051

      35,000        23,216  

2.94%, 11/01/2056

      23,000        14,789  

4.00%, 11/01/2049

      68,000        55,506  

6.50%, 11/15/2035

      6,000        6,718  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Media (continued)  

Fox Corp.
5.58%, 01/25/2049

      $   55,000        $   50,349  

Paramount Global
4.95%, 05/19/2050

      24,000        17,701  
     

 

 

  
        297,806  
     

 

 

  
Metals & Mining - 1.2%  

Freeport-McMoRan, Inc.
5.45%, 03/15/2043

      33,000        30,728  

Glencore Finance Canada Ltd.
6.90%, 11/15/2037 (C)

      23,000        24,660  

Newmont Corp.
6.25%, 10/01/2039

      38,000        40,489  

Nucor Corp.
2.98%, 12/15/2055

      33,000        20,930  
     

 

 

  
        116,807  
     

 

 

  
Oil, Gas & Consumable Fuels - 12.3%  

BP Capital Markets America, Inc.
2.94%, 06/04/2051

      77,000        52,154  

Cameron LNG LLC
3.70%, 01/15/2039 (C)

      32,000        26,409  

Devon Energy Corp.
5.00%, 06/15/2045

      33,000        29,046  

Diamondback Energy, Inc.
4.40%, 03/24/2051

      30,000        23,954  

Energy Transfer LP

      

5.00%, 05/15/2050

      31,000        26,156  

7.50%, 07/01/2038

      82,000        90,451  

Enterprise Products Operating LLC
4.90%, 05/15/2046

      66,000        60,214  

Equinor ASA
5.10%, 08/17/2040

      51,000        50,989  

Hess Corp.
5.60%, 02/15/2041

      33,000        31,453  

KazMunayGas National Co. JSC
6.38%, 10/24/2048 (D)

      200,000        176,753  

Kinder Morgan Energy Partners LP
6.55%, 09/15/2040

      82,000        83,075  

Magellan Midstream Partners LP
4.25%, 09/15/2046

      37,000        27,319  

MPLX LP
5.50%, 02/15/2049

      26,000        23,684  

Occidental Petroleum Corp.
6.60%, 03/15/2046 (A)

      42,000        44,591  

ONEOK Partners LP
6.20%, 09/15/2043

      39,000        37,804  

ONEOK, Inc.
5.20%, 07/15/2048

      33,000        28,365  

Ovintiv, Inc.
7.10%, 07/15/2053

      26,000        27,684  

Petroleos Mexicanos
7.69%, 01/23/2050

      50,000        34,714  

Shell International Finance BV
3.75%, 09/12/2046

      84,000        68,003  

Spectra Energy Partners LP
4.50%, 03/15/2045

      61,000        50,573  

Suncor Energy, Inc.
6.50%, 06/15/2038

      68,000        70,818  

Teck Resources Ltd.
6.00%, 08/15/2040

      30,000        29,088  

TransCanada PipeLines Ltd.
5.00%, 10/16/2043

      49,000        43,560  
 

 

Transamerica Funds

     Page    3         

Transamerica Long Credit

 

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Oil, Gas & Consumable Fuels (continued)  

Western Midstream Operating LP
5.30%, 03/01/2048

      $   43,000        $   36,868  

Williams Cos., Inc.
5.40%, 03/04/2044

      54,000        49,536  
     

 

 

  
        1,223,261  
     

 

 

  
Passenger Airlines - 0.8%  

American Airlines Pass-Through Trust
3.15%, 08/15/2033

      32,654        28,420  

United Airlines Pass-Through Trust
2.70%, 11/01/2033

      60,989        51,015  
     

 

 

  
        79,435  
     

 

 

  
Personal Care Products - 0.7%  

Kenvue, Inc.
5.10%, 03/22/2043 (C)

      66,000        66,101  
     

 

 

  
Pharmaceuticals - 2.2%  

Johnson & Johnson
3.75%, 03/03/2047

      31,000        26,865  

Merck & Co., Inc.

      

3.70%, 02/10/2045

      53,000        44,362  

5.00%, 05/17/2053

      35,000        35,078  

Pfizer Investment Enterprises Pte Ltd.
5.34%, 05/19/2063

      35,000        35,034  

Pfizer, Inc.
4.20%, 09/15/2048

      86,000        77,965  
     

 

 

  
        219,304  
     

 

 

  
Professional Services - 1.1%  

Equifax, Inc.
7.00%, 07/01/2037

      69,000        72,258  

Moody’s Corp.
3.25%, 05/20/2050

      60,000        42,149  
     

 

 

  
        114,407  
     

 

 

  
Residential REITs - 0.4%  

American Homes 4 Rent LP
4.30%, 04/15/2052

      57,000        44,423  
     

 

 

  
Retail REITs - 1.2%  

Kimco Realty OP LLC
3.70%, 10/01/2049

      83,000        59,944  

Simon Property Group LP

      

3.25%, 09/13/2049

      22,000        14,725  

5.85%, 03/08/2053

      43,000        43,386  
     

 

 

  
        118,055  
     

 

 

  
Semiconductors & Semiconductor Equipment - 3.0%  

Advanced Micro Devices, Inc.
4.39%, 06/01/2052

      55,000        49,428  

Broadcom, Inc.
3.50%, 02/15/2041 (C)

      45,000        33,424  

Intel Corp.

      

4.10%, 05/11/2047

      33,000        27,684  

5.90%, 02/10/2063

      33,000        34,052  

KLA Corp.
5.00%, 03/15/2049

      28,000        26,944  

QUALCOMM, Inc.
4.30%, 05/20/2047

      76,000        67,839  

Texas Instruments, Inc.

      

4.15%, 05/15/2048

      30,000        26,896  

5.05%, 05/18/2063

      31,000        30,588  
     

 

 

  
        296,855  
     

 

 

  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Software - 3.0%  

Fiserv, Inc.
4.40%, 07/01/2049

      $   34,000        $   28,494  

Microsoft Corp.
2.92%, 03/17/2052 (A)

      70,000        51,039  

Oracle Corp.

      

3.65%, 03/25/2041

      51,000        39,048  

6.90%, 11/09/2052

      164,000        182,827  
     

 

 

  
        301,408  
     

 

 

  
Technology Hardware, Storage & Peripherals - 0.4%  

Apple, Inc.
3.45%, 02/09/2045

      47,000        39,111  
     

 

 

  
Tobacco - 0.5%  

BAT Capital Corp.
4.76%, 09/06/2049

      47,000        35,572  

Reynolds American, Inc.
7.25%, 06/15/2037

      17,000        17,552  
     

 

 

  
        53,124  
     

 

 

  
Wireless Telecommunication Services - 1.1%  

T-Mobile USA, Inc.

      

3.30%, 02/15/2051

      14,000        9,739  

4.50%, 04/15/2050

      49,000        41,744  

5.65%, 01/15/2053

      53,000        53,181  
     

 

 

  
        104,664  
     

 

 

  

Total Corporate Debt Securities
(Cost $9,051,423)

 

      8,861,780  
  

 

 

  
FOREIGN GOVERNMENT OBLIGATIONS - 2.4%  
Colombia - 1.5%  

Colombia Government International Bonds
5.00%, 06/15/2045

      200,000        143,790  
     

 

 

  
Dominican Republic - 0.9%  

Dominican Republic International Bonds
6.85%, 01/27/2045 (D)

      100,000        93,031  
     

 

 

  

Total Foreign Government Obligations
(Cost $230,924)

 

      236,821  
  

 

 

  
U.S. GOVERNMENT OBLIGATIONS - 4.5%  
U.S. Treasury - 4.5%  

U.S. Treasury Bonds

      

3.63%, 02/15/2053 - 05/15/2053

      341,000        317,590  

3.88%, 05/15/2043

      30,000        28,631  

U.S. Treasury Notes
3.38%, 05/15/2033

      102,000        97,219  
     

 

 

  

Total U.S. Government Obligations
(Cost $452,160)

 

      443,440  
  

 

 

  
 

 

Transamerica Funds

     Page    4         

Transamerica Long Credit

 

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

 

     Shares      Value  
OTHER INVESTMENT COMPANY - 3.1%  
Securities Lending Collateral - 3.1%  

State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 5.28% (E)

        312,410        $   312,410  
     

 

 

  

Total Other Investment Company
(Cost $312,410)

 

      312,410  
  

 

 

  

Total Investments
(Cost $10,046,917)

         9,854,451  

Net Other Assets (Liabilities) - 0.9%

         88,665  
     

 

 

  

Net Assets - 100.0%

         $  9,943,116  
     

 

 

  
 

 

Transamerica Funds

     Page    5         

Transamerica Long Credit

 

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

 

INVESTMENT VALUATION:

 

Valuation Inputs (F)

 

     Level 1 -
Unadjusted
Quoted
Prices		      Level 2 -
Other
Significant
Observable
Inputs		      Level 3 -
Significant
Unobservable
Inputs		      Value  

ASSETS

            

Investments

            

Corporate Debt Securities

    $ —        $ 8,861,780      $ —        $ 8,861,780  

Foreign Government Obligations

      —          236,821        —          236,821  

U.S. Government Obligations

      —          443,440        —          443,440  

Other Investment Company

      312,410        —          —          312,410  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $     312,410      $     9,542,041      $     —        $     9,854,451  
  

 

 

     

 

 

     

 

 

     

 

 

  

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

 

(A)      All or a portion of the securities are on loan. The total value of all securities on loan is $305,710, collateralized by cash collateral of $312,410. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)      Floating or variable rate securities. The rates disclosed are as of July 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(C)      Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2023, the total value of 144A securities is $434,216, representing 4.4% of the Fund’s net assets.
(D)      Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At July 31, 2023, the total value of Regulation S securities is $397,989, representing 4.0% of the Fund’s net assets.
(E)      Rate disclosed reflects the yield at July 31, 2023.
(F)      There were no transfers in or out of Level 3 during the period ended July 31, 2023. Please reference the Investment Valuation section of the Notes to Schedule of Investments for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

 

REIT

    Real Estate Investment Trust

 

Transamerica Funds

     Page    6         

Transamerica Long Credit

 

NOTES TO SCHEDULE OF INVESTMENTS

At July 31, 2023

(unaudited)

 

INVESTMENT VALUATION

Transamerica Long Credit (the “Fund”) is a series of the Transamerica Funds.

Transamerica Asset Management, Inc. (“TAM”) has been designated as the Fund’s valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, with responsibility for fair valuation subject to oversight by the Fund’s Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. Generally Accepted Accounting Principles in the United States of America establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels (“Levels”) of inputs of the fair value hierarchy are defined as follows:

Level 1 — Unadjusted quoted prices in active markets for identical securities.

Level 2 — Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM’s own assumptions used in determining the fair value of the Fund’s investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using Net Asset Value (“NAV”) per share, or its equivalent, using the “practical expedient” have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund’s investments at July 31, 2023, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

Fair value measurements: Descriptions of the valuation techniques applied to the Fund’s significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Corporate debt securities: The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Foreign government obligations: Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

U.S. government obligations: U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

 

Transamerica Funds

     Page    7